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COMMITMENTS AND CONTINGENCIES (Tables)
 3 Months Ended
Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Summary of outstanding firm commitments

The Bank had outstanding firm commitments, all of which expire within three months, to originate, loans at March 31, 2022 and December 31, 2021 as follows:

 

 

 

March 31,
2022

 

 

December 31,
2021

 

Fixed Rate

 

 

 

 

 

 

Residential mortgage loans

 

$

33,857,575

 

 

$

2,986,250

 

Commercial real estate

 

 

250,000

 

 

 

—

 

Construction

 

 

675,000

 

 

 

—

 

Home equity

 

 

190,000

 

 

 

170,000

 

Total

 

$

34,972,575

 

 

$

3,156,250

 

 

 

 

March 31,
2022

 

 

December 31,
2021

 

Variable Rate

 

 

 

 

 

 

Residential mortgage loans

 

$

2,094,500

 

 

$

—

 

Commercial real estate

 

 

—

 

 

 

1,400,000

 

Commercial and industrial

 

 

500,000

 

 

 

—

 

Construction

 

 

—

 

 

 

7,522,375

 

Home equity

 

 

330,000

 

 

 

1,060,000

 

Total

 

$

2,924,500

 

 

$

9,982,375